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Deutsche Bank won't pay $A19B settlement

AAP logoAAP 16/09/2016

Shares in Deutsche Bank AG have plunged after the company said the US Department of Justice is seeking $US14 billion ($A19 billion) to settle civil claims over its handing of residential mortgage-backed securities.

Shares of Germany's biggest bank were down 7.8 per cent at 12.20 euros ($US13.59) in early Frankfurt trading on Friday.

The bank said early on Friday that the Justice Department had proposed a $US14 billion settlement and asked for a counterproposal.

It said it had "no intent to settle these potential civil claims anywhere near the number cited.''

Deutsche Bank is in the middle of a painful transition as it tries to meet tougher regulatory requirements, cut costs and settle multiple legal investigations.

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